The euro looks to have traced out a double top at 1.0440 as the US dollar strengthens today. The pair is down 36 bps to 1.0354 and briefly touched below 1.0350 today.
The major round of selling today came after strong JOLTS numbers and a slightly upbeat ISM services report with hot 'prices paid' numbers. The euro bounced from 1.0360 initially but strong US dollar bids have continued as Treasury yields break to the highest since April.
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On January 1, the euro hit the lowest since 2022 at 1.0224 but it's since rebounded on hotter German inflation and mixed comments from Trump about tariffs. The latter is going to be a key driver in how the euro reacts this year.
